Some on the Fed are ready to take more action. Others want to see
more evidence of worsening. Others don't think action could
possibly do any good.

When you combine the existing internal divisions with the unclear
data -- the economy seems to be in a soft patch, and yet some of
the recent data has been decent -- it makes it even harder to
figure out what's going on.

But what we do know is that the Bernanke has lost any ability to
convey a united Fed that will clearly stand athwart deflation,
and it's hard to see that being good for the market.